TRP – TC Energy Corporation
TRP – TC Energy Corporation
Date: 21 May 2026
Sector: Industrial Services / Oil & Gas Pipelines
Exchange: Toronto Stock Exchange (TSX)
TradingView link: https://www.tradingview.com/x/S9g1JHiy/
For my second stock of the day, I’ve once again gone to our Canadian cousins, partly to add a bit more geographic diversity, but also because I must admit my current portfolio is becoming somewhat skewed toward one country and one dominant theme.
So this second stock is a Canadian energy infrastructure company whose core business revolves around gas pipelines.
One thing about natural gas that many people perhaps do not fully appreciate is that, unlike crude oil, it is often far more geographically trapped. In many cases, gas produced during fracking operations is simply burnt off because transporting it can be too expensive or economically unviable.
Ironically, that abundance of cheap gas has actually been one of the hidden tailwinds behind the rapid expansion of AI infrastructure within the US. Cheap natural gas has helped provide relatively inexpensive electricity generation for data centres and power-intensive computing.
That said, some of that advantage now appears to be diminishing, with certain regions in the US beginning to experience rising electricity prices due to growing data centre demand.
Companies such as TC Energy play an important role in this ecosystem because they provide the infrastructure needed to move gas from areas where it might otherwise be wasted to locations where it can be consumed or liquefied and exported abroad.
That creates an arbitrage opportunity between different global gas markets. European gas prices, for example, are often materially higher than North American prices. If companies can move cheap North American gas into higher-priced international markets, the economics become extremely attractive.
From a technical perspective, this stock has also begun to behave constructively and fits well with the broader energy infrastructure theme currently showing relative strength.
Now onto the technicals.
We can see that the stock initially traded around the $18 level and rose fairly rapidly to $32, only to then completely break structure and fall all the way back to $10.
After that, the stock entered a long period of upward movement, producing a series of higher highs and higher lows over multiple years.
There was one temporary break of structure, which I’ve marked on the chart with an “O”, but importantly, the weakness did not persist. Buyers stepped back in, the market recovered, and prices continued moving higher.
Eventually, the stock peaked at around $63.78.
After reaching that high, the price entered a prolonged consolidation phase. From 2 September 2014 through to March 2026, the stock traded broadly sideways between approximately $40 on the downside and $77 on the upside.
What has changed more recently, though, is the breakout from that very large pink box.
The closing monthly bar for January 2026 finally broke above the top of the range. Interestingly, after breaking out, the stock never returned to retest the breakout zone. Instead, price simply continued accelerating toward fresh all-time highs.
We then entered a smaller secondary consolidation period, during which price briefly broke structure again, falling back toward the ~$81 region on three separate occasions. However, once again, the price never broke below the lower boundary of the smaller pink box.
After that, the price returned to test the top of the box, initially failed, pulled back slightly, but crucially formed a higher low.
Following that higher low, the stock has now produced approximately 5 consecutive closes at all-time highs.
That was the signal that triggered my entry into the trade.
For anyone looking to enter now, it would probably make sense to wait for either:
a 1H pullback
or a 4H pullback
Depending on how aggressive you want to be with execution and how strong the current momentum remains.
Entry trigger:
1H or 4H pullback entry
Initial stop loss:
Last 4H swing low
Multi-timeframe correlation
3M: Blue candle
1M: Blue candle
1W: Blue candle
1D: Blue candle
4H: Blue candle
When do I tighten the stop loss?:
Last 4H swing low
Tighten aggressively if the structure continues higher
Potential target range (daily):
$110
Activated price targets: 1
Am I in this trade: Yes
Current return (R multiple):
-0.03R